Ladies and gentlemen, welcome to Current Yield, Grant's Interest Rate Observer of the Air.

I am Jim Grant, your host, or one of your hosts.

Eric Whitehead to my left is the man with his fingers in the dials.

Directly across from me today is the great Evan Lorenz, deputy editor of Grant's.

And joining us, our two guests, Kent Collier

and Sarah Gifter, both of Reorg, formerly Reorg research, but what they do is research into credit.

Very, very volatile and actually, frankly, sometimes a little bit questionable institution. It's a

promise to pay right, Evan. It is now. Yeah, if my background research is correct, you are the founder and CEO of

Reorg, correct? That is right. All right. Wait, did you just say that we're a questionable

institution, Jim? We're a legit institution. Oh no, not Reorg is questionable. You're legitimate.

What you research may be less so.

The institution of credit is a very problematic institution.

The companies we cover have problems with our credit, so I understand.

Could you help us begin by Sarah, perhaps because you are an artist and an architecture student by training at Harvard.

Perhaps you can tell us what reorg does for a living.

Sure. So I guess I can start with our core sort of original business, which is covering the

U.S. distress and bankruptcy market. Kent had a very blog that I followed called

Distressed Debt Investing. An avid reader of that because I'm the type of person who Googles stuff

about distressed debt. But when did that start?

New York was the blog? No. When did you start Googling distressed debt? This goes back to high

school, does it? Kind of after college. Yeah, I started at Lehman Brothers and then as an intern, summer of 08, so it was quite the hot

time for bankruptcy and distress, and I just got hooked.

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